Warren Buffett acquires IBM stake

15 November 2011: Warren Buffett founded Berkshire Hathaway Inc has accumulated a 5.5 percent stake in IBM as he was convinced by IBM's long-term roadmap and by its entrenched position with major businesses, part of the durable competitive advantage that he looks for when investing in a company.

The move puts Buffett's money squarely in the heart of the technology industry, a sector he has steadfastly avoided on the grounds he simply did not understand it. He has bought about 64 million shares of IBM, paying $10.7 billion (approx `53,900 crore). Berkshire started buying the shares in March, with a goal of building a $10 billion (approx `50,400 crore) position.

Source: Times of India